Trade Credit and the Transmission of Unconventional Monetary Policy
研究发现，欧洲央行购买企业债券的计划通过生产网络传导：获得资金的企业向客户提供更多贸易信贷，客户因此增加投资和就业，而供应商则扩大客户基础，导致上游行业集中度上升。
Abstract We show that production networks are important for the transmission of unconventional monetary policy. Firms with bonds eligible for purchase under the European Central Bank’s Corporate Sector Purchase Program act as financial intermediaries by extending additional trade credit to their customers. The increase in trade credit is pronounced from core countries to periphery countries and for financially constrained customers. Customers then increase investment and employment in response to the increased trade financing, whereas suppliers expand their customer base, contributing to upstream industry concentration. Our findings suggest that trade credit redistributes the effects of monetary policy across regions and firms.